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Merchants and Mechanics

Exploring the History of Economic Growth

The Nineteenth-Century Rules for Growth

The Nineteenth-Century Rules for Growth

December 15, 2017May 26, 2023 Posted in history of economic growth, history of trade and commerce, political institutions, social institutions

Britain’s first-mover advantage meant that other countries could not compete with it under free markets. They responded with a variety of protective policies.

The Second Industrial Revolution

The Second Industrial Revolution

December 11, 2017December 28, 2022 Posted in history of economic growth, history of science, history of technology, Industrial Revolution

The Second Industrial Revolution produced a range of new technologies, including industrial chemistry, electric power, and the internal combustion engine.

The Division of the World

The Division of the World

December 9, 2017May 13, 2023 Posted in history of economic growth, history of trade and commerce, Industrial Revolution, technological progress

W. Arthur Lewis explained why the world divided into manufacturers and primary producers, and into prosperous temperate countries and poor tropical countries.

More on the Division of the World

More on the Division of the World

December 9, 2017March 4, 2023 Posted in history of economic growth, history of trade and commerce

Long-distance trade grew rapidly during the 19th century, widening the gap between the per capita incomes of the West and the Third World.

How Modern Science Came to China

How Modern Science Came to China

December 7, 2017January 23, 2023 Posted in history of science, history of technology, technological progress

China became aware of Western science in the sixteenth century, but did not embrace it until the Opium Wars demonstrated the West’s technological superiority.

The Transformation of Japan after the Meiji Restoration

The Transformation of Japan after the Meiji Restoration

December 5, 2017March 27, 2023 Posted in history of economic growth, history of science, history of technology, history of trade and commerce, social institutions

Japan was a feudal economy in 1868. Over the next few decades it completely transformed itself to become one of the leading nations of the world.

One Hundred and Fifty Years of American Growth

One Hundred and Fifty Years of American Growth

December 2, 2017February 19, 2023 Posted in history of economic growth, history of technology, technological progress

American technological progress was rapid between 1920 and 1970, and slow after 1970. Why was it so rapid before 1970? Why was it so slow after 1970?

Why Nations Fail: 
Extractive and Inclusive Institutions

Why Nations Fail: 
Extractive and Inclusive Institutions

November 27, 2017February 19, 2023 Posted in economic institutions, political institutions, property rights, technological progress

Acemoglu and Robinson argue that a country’s prosperity is determined by its political and economic institutions. Casual empiricism supports their argument.

Why Nations Fail:
 Theory is Tidy, History is Messy

Why Nations Fail:
 Theory is Tidy, History is Messy

November 20, 2017December 28, 2022 Posted in economic institutions, history of economic growth, history of trade and commerce, Industrial Revolution, political institutions, property rights, technological progress

Evidence from the Industrial Revolution does not support Acemoglu and Robinson’s claim that the transition to sustained growth always follows the same pattern.

Democracy’s Dilemma

Democracy’s Dilemma

November 13, 2017December 28, 2022 Posted in political institutions

Democracy only succeeds when it constrains the temptation to exercise power in ways that advance self-interests at the expense of national interests.

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